New York Markets After Hours

Carnival Cruises division to start trips from Shanghai

LONDON (MarketWatch) -- Carnival Corp.
CCL, +2.87%CCL, +2.68%
said its Costa Cruises unit will enter the Asia market in July 2006 with round-trip voyages from Shanghai. "We have been exploring a strategy for entering the Asian marketplace for some time and have indicated that our entrance into this hugely populated market would be through one of our existing brands," said Micky Arison, chairman and CEO of the only company that's a component of both the Standard & Poor's 500 and the FTSE 100 indexes. The Chinese government has granted the firm a license to embark the country's citizens from Chinese ports, Carnival added. Costa Allegra will undergo a multi-million-dollar renovation to create an on-board product specifically tailored to the preferences of Chinese vacationers, the company added. Carnival shares rose 0.5% in London.

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